The company maintains a conservative financial profile with a debt-to-equity ratio of 0.51 as of 2025Q4, providing a buffer against broader market volatility.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 1.66B | 1.67B | 1.65B | 1.79B | 1.88B | 2.04B | 2.08B | 2.23B | 2.23B | 2.16B | 2.24B | 2.33B | 2.29B | 1.44B | 2.54B | 2.5B | 2.38B |
| Asset Growth % | -0.65% | 1.47% | -7.89% | -4.92% | -7.67% | -2.32% | -6.33% | -0.27% | 3.47% | -3.89% | -3.71% | 1.96% | 58.99% | -43.5% | 1.96% | 4.83% | - |
| Real Estate & Other Assets | 1.47B | 1.57B | 1.54B | 1.55B | 1.55B | 1.47B | 1.49B | 70M | 254.1M | 111.3M | -82.7M | 259.2M | 142.2M | 71.3M | 288M | 129M | 207M |
| PP&E (Net) | 15.07M | 0 | 1.7M | 5.4M | 24.9M | 129.4M | 146.2M | 1.32B | 1.15B | 1.23B | 1.45B | 1.3B | 1.52B | 838.7M | 1.63B | 1.77B | 1.62B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 100.57M | 54.06M | 55.87M | 174.1M | 234.9M | 229.1M | 222.6M | 404.2M | 309.1M | 138.3M | 152.5M | 175.9M | 171.4M | 63.4M | 275M | 264M | 307M |
| Cash & Equivalents | 11.3M | 33.44M | 13.52M | 33.3M | 65.4M | 57.2M | 15.2M | 11.4M | 68.9M | 2.2M | 1.3M | 2.8M | 3.3M | 1.1M | 22M | 14M | 16M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 8.51M | 236K | 14.22M | 127.8M | 32.8M | 200K | 200K | 223.5M | 101.7M | 60.7M | 0 | 58.1M | 63.5M | 19.3M | 6.3M | 17M | 43M |
| Intangible Assets | 25.68M | 31.18M | 36.3M | 43.6M | 51.6M | 61.9M | 74.9M | 59.8M | 46.9M | 53.8M | 54.4M | 63.9M | 74.1M | 8.3M | 0 | 0 | 0 |
| Total Liabilities | 672.34M | 666.89M | 643.23M | 751.6M | 813.2M | 939.9M | 955.6M | 1.02B | 1.58B | 943.1M | 1.02B | 1.12B | 1.11B | 522.9M | 1.42B | 1.36B | 1.29B |
| Total Debt | 505.93M | 474.84M | 465.06M | 477.1M | 537.3M | 705.5M | 726.2M | 778.1M | 631.2M | 515.1M | 497.8M | 706M | 605.5M | 235.5M | 559M | 522M | 471M |
| Net Debt | 494.63M | 441.4M | 451.55M | 443.8M | 471.9M | 648.3M | 711M | 766.7M | 562.3M | 512.9M | 496.5M | 703.2M | 602.2M | 234.4M | 537M | 508M | 455M |
| Long-Term Debt | 491.58M | 449.84M | 438.96M | 447.2M | 505.8M | 687.1M | 704.6M | 778.6M | 585.2M | 472.7M | 497.8M | 631.5M | 605.5M | 220M | 507M | 386M | 406M |
| Short-Term Borrowings | 0 | 25M | 25M | 25M | 25M | 0 | 0 | 39M | 46M | 42.4M | 90.4M | 74.5M | 105.2M | 15.5M | 34.5M | 136M | 65M |
| Capital Lease Obligations | 14.35M | 0 | 1.1M | 4.9M | 6.5M | 18.4M | 21.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 99.41M | 209.47M | 194.29M | 281.4M | 237.7M | 126.3M | 128.7M | 129.4M | 926.8M | 165.1M | 184.7M | 183M | 218.2M | 69.6M | 278M | 353M | 297M |
| Accounts Payable | 12.42M | 4.53M | 5.84M | 4.5M | 3.4M | 9.8M | 17.8M | 34.2M | 43.3M | 35.2M | 35.5M | 37.6M | 32.6M | 26.2M | 20.8M | 137M | 132M |
| Deferred Revenue | 12.36M | 72.46M | 70.35M | 68.8M | 68.3M | 66.9M | 7.9M | 5.9M | 6.6M | 21.1M | 2.7M | 20.1M | 22.2M | 58.9M | 62M | 70M | 91M |
| Other Liabilities | 67M | 7.58M | 8.87M | 18.1M | -5.3M | 41.2M | 33.1M | 108.9M | 68.1M | 123.3M | 131.8M | 114.9M | 98M | 80.4M | 50M | 54M | 48M |
| Total Equity | 987.2M | 1B | 1B | 1.04B | 1.07B | 1.1B | 1.13B | 1.21B | 651.1M | 1.21B | 1.23B | 1.21B | 1.18B | 914.4M | 1.12B | 1.14B | 1.08B |
| Equity Growth % | -1.63% | 0.05% | -3.16% | -2.9% | -2.69% | -2.89% | -6.59% | 85.58% | -46.33% | -1.41% | 1.3% | 2.63% | 29.45% | -18.58% | -1.14% | 4.7% | - |
| Shareholders Equity | 987.2M | 1B | 1B | 1.04B | 1.07B | 1.1B | 1.13B | 1.2B | 646.4M | 1.21B | 1.23B | 1.2B | 1.17B | 914.4M | 1.12B | 1.14B | 1.08B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 3.6M | 5.7M | 4.7M | 3.9M | 3.5M | 10.9M | 8.9M | 0 | 0 | 0 | 0 |
| Common Stock | 1.81B | 1.81B | 1.81B | 1.81B | 1.81B | 1.81B | 1.8B | 1.79B | 1.16B | 1.16B | 1.15B | 1.15B | 1.14B | 939.8M | 0 | 34M | 33M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 939.8M | 0 | 257M | 210M |
| Retained Earnings | -825.43M | -814.17M | -809.33M | -774.5M | -663.2M | -649.4M | -626.2M | -538.9M | -473M | 95.2M | 117.2M | 101M | 53.7M | 21.8M | 953M | 972M | 934M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95.2M | 0 | 0 | 0 | 47.2M | 0 | 0 | 0 |
| Return on Assets (ROA) | 3.88% | 3.65% | 1.74% | -2.76% | 1.81% | 0.27% | -1.69% | -3.11% | 10.41% | -0.46% | 1.29% | 2.66% | 1.98% | 1.03% | 1.35% | 3.77% | 1.85% |
| Return on Equity (ROE) | 6.5% | 6.03% | 2.92% | -4.82% | 3.27% | 0.5% | -3.12% | -7.44% | 24.49% | -0.83% | 2.42% | 5.12% | 3.52% | 2.01% | 3.01% | 8.28% | 4.06% |
| Debt / Assets | 30.49% | 28.43% | 28.25% | 26.69% | 28.58% | 34.65% | 34.84% | 34.97% | 28.29% | 23.89% | 22.19% | 30.3% | 26.5% | 16.38% | 21.97% | 20.92% | 19.79% |
| Debt / Equity | 0.51x | 0.47x | 0.46x | 0.46x | 0.50x | 0.64x | 0.64x | 0.64x | 0.97x | 0.42x | 0.40x | 0.58x | 0.51x | 0.26x | 0.50x | 0.46x | 0.43x |
| Net Debt / EBITDA | 5.74x | 3.80x | 4.45x | 2.89x | 3.78x | 7.64x | 19.64x | 3.56x | 1.36x | 1.34x | 3.32x | 5.88x | 7.38x | 3.97x | 4.17x | 4.70x | 3.20x |
| Book Value per Share | 13.51 | 13.79 | 13.78 | 14.27 | 14.69 | 15.14 | 15.63 | 17.11 | 12.28 | 24.56 | 24.96 | 24.64 | 26.25 | 21.31 | 27.52 | 27.05 | 26.40 |
Non-core asset divestment drag
As reported in recent financial statements, Alexander & Baldwin's total assets remained stable at $1.7 billion in 2025Q4, yet the composition of the balance sheet appears to be shifting as the company continues its strategic pivot away from legacy non-core segments toward a pure-play Hawai'i CRE model.
The stability in total assets suggests that the company is successfully recycling capital from non-core divestments into its core portfolio. However, investors should monitor whether this transition can eventually drive organic asset growth, as the current stagnation in total asset value may indicate that divestment proceeds are being utilized for debt reduction rather than expansion.
Based on the company's reported figures, the debt-to-equity ratio stood at 0.51 in 2025Q4, which appears to provide a fortress-like cushion against interest rate volatility compared to more highly levered retail REIT peers that often carry significantly higher debt burdens.
This conservative leverage profile suggests that the company maintains significant balance sheet optionality, which may be critical as it navigates the final stages of its non-core asset monetization. While this low leverage is a defensive strength, it also implies that the company may be under-utilizing its borrowing capacity to accelerate the growth of its core Hawai'i retail and industrial holdings.
According to quarterly data, cash reserves declined to $11.3 million in 2025Q4, a level that warrants further investigation given the capital-intensive nature of maintaining an aging Hawai'i portfolio and the ongoing requirements for tenant improvements and leasing commissions across the company's retail centers.
The relatively low cash balance suggests that liquidity is tightly managed, potentially limiting the company's ability to respond to unexpected capital expenditure requirements or opportunistic acquisitions. Investors should monitor whether this cash position is sufficient to support the company's dividend obligations and maintenance capex without necessitating further reliance on external financing or additional asset sales.
As indicated by the reported financial statements, the presence of $15.1 million in net property, plant, and equipment in 2025Q4, following periods of zero reported PPE, suggests that the company may be re-integrating or retaining legacy operational assets that could carry deferred maintenance liabilities.
The emergence of these assets on the balance sheet may indicate that the simplification strategy is encountering friction, as legacy operational components are not as easily divested as anticipated. This warrants further investigation into whether these assets represent a drag on future returns or if they are being repositioned to support the core CRE portfolio.
Quick answers to the most common questions about buying ALEX stock.
As of 2025, Alexander & Baldwin, Inc. (ALEX) had total assets of $1.66B including $100.6M in current assets.
Alexander & Baldwin, Inc. (ALEX) carries total debt of $505.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alexander & Baldwin, Inc. (ALEX) has total shareholders' equity (book value) of $987.2M ($13.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alexander & Baldwin, Inc. (ALEX) reported a current ratio of 1.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.